Global Minerals Ltd.

Global Minerals Ltd.

February 07, 2014 19:16 ET

Global Minerals Announces Closing of Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 7, 2014) -


Global Minerals Ltd. ("Global" or the "Company") (TSX VENTURE:CTG) is pleased to announce that it has closed its previously announced non-brokered financing (the "Financing") and has issued a total of 13,024,000 post-consolidation units (the "Units") for aggregate proceeds of $3,256,000, at a price of $0.25 per Unit. Each Unit is comprised of one post-consolidation common share and one share purchase warrant, exercisable to purchase one post-consolidation common share for two years at a price of $0.35. The expiry date of the warrants are subject to acceleration such that, should the daily trading price of the shares of the Company on the TSX Venture Exchange (or such other stock exchange on which such shares are listed) exceed $0.50 (on a post-consolidated basis) for twenty consecutive trading days commencing four months after the issuance of the warrant (the "Acceleration Period"), the Company may, at its discretion, accelerate the expiry date such that the warrants will expire on the 30th day following the last day of the Acceleration Period by issuing a news release announcing the accelerated expiry within two trading days of the last day of the Acceleration Period.

All of the securities issued under the Financing will be subject to a four month resale restriction. In connection with the Financing, the Company has paid a commission of $212,870, which is equal to 7% of the total subscription amount of the number of Units purchased by subscribers introduced by the finders to the Company. The commission was payable in cash or, at the finder's option, Units. In addition, the Company has issued an aggregate of 851,480 finders' warrants (the "Finders' Warrants"), which is equal to 7% of the number of Units purchased by subscribers introduced by the Finders to the Company. The Finders' Warrants are exercisable into one common share of the Company at a price of $0.25 per Finders' Warrant until two years after closing.

The proceeds from the Financing will be used to further the development of the Strieborná project and for general working capital.

About Strieborná

Strieborná is a high-grade silver-copper vein type deposit in an historic mining district near the town of Roznava in eastern Slovakia. It has excellent expansion potential over and above the already well-defined resource. Significant infrastructure at site include a working shaft and hoisting system, extensive underground access through a series of drifts, crosscuts and tunnels and associated surface facilities. Global is using all efforts to advance the property into commercial production.

For further information about Global, visit

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION: This news release contains certain forward-looking statements or information within the meaning of applicable Canadian securities laws, including the proposed use of the proceeds from the Financing. These statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

This press release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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